OH, ELON! MUSK SPACES OUT!
Shareholders of Vale are poised to vote on the future of one of Brazil’s most important companies as the sudden departure of its chair shines a spotlight on alleged political interference in the mining behemoth. Vale ’s chair Daniel Stieler resigned with immediate effect on Monday, just weeks after the board rejected a proposal to replace him by the group’s largest domestic investor, the pension fund Previ. The corporate governance fight has led to renewed warnings of undue state meddling at the world’s largest iron ore producer, two years after a board member resigned over what they called “nefarious” influence in a chief executive succession process. Vale, which is valued at $68bn, is a heavyweight in the global mining industry and considered of strategic national importance by the leftwing administration in BrasÃlia. As the retirement scheme for employees of state-controlled Banco do Brasil, Previ has been viewed in the past as a conduit by which governments have sought to i...
